Question

The industrialized nations control of the least industrialized nations through debts owed to them, which is referred to as ________.

Answer 1

Neocolonialism is the correct answer.

Neocolonialism is defined as the economic and political dominance that the industrialized countries have over the least industrialized ones. These industrialized nations, also known as neocolonialists, create debt along with increasing interest in order to maintain global stratification (which is the hierarchical arrangement of societies around the world).